Within a week, bitcoin collapsed by 10 thousand dollars

On November 16, in the morning, it was possible to observe a decrease in indicators in the cryptocurrency market. For a very short time, the bitcoin exchange rate stopped at a step of 61 thousand dollars. The ВТС, in turn, fell to below 59 thousand dollars. 

The last 24 hours have become a turning point for the first cryptocurrency. Its rate has decreased by more than 10%. Over the past 7 days, it has completely collapsed by more than 10 thousand dollars from the historical figure, which was recorded on November 10 at around 69 thousand dollars. The leader of the cryptocurrency market did not show a very good trend, so the other leading altcoins also began to fall. 

The biggest drop in the TOP 10 worst indicators was made by DOT. Its decline was by 15% to $38.2. The fall of the ether by 12%, which amounted to $ 4110. ADA lost 13.5%. Other coins decreased in price by 10-12%. Collectively, the capitalization of the cryptocurrency market again amounted to $2.6 trillion. 

The fall of the cryptocurrency market could not but affect traders. They are suffering losses. Within one hour alone, the volume of liquidations on the market amounted to $208 million. Of course, losses are observed among traders who have opened “long” positions with leverage – of all the liquidations carried out in one hour, purchase transactions took $201.9 million. For 12 hours on November 16, the total data amounted to $687 million. 

It is impossible to name in this case one single reason for such a grandiose sale. However, the general mood prevailing in the cryptocurrency market will not fuel growth. Most analysts believe that one of the reasons for this situation is that US President Joe Biden signed an infrastructure bill. It prescribes expanded taxation of cryptocurrencies. The second possible reason is the unflattering comments of Ned Segal, who is the CFO of Twitter. They said that the company was not going to invest free reserve finances in bitcoin. He noted “that it’s pointless.” In addition, the dollar has recently begun to strengthen, which is due to the expectation of an increase in the Fed rate against the backdrop of rising inflation in the United States, which has set a record since 1990.